In a(n) ________, owners have limited liability with regard to the business. They are not personally liable for the malpractice of other owners.
A) limited partnership
B) S-corporation
C) partnership
D) limited liability partnership

Question

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A limited liability partnership (LLP) is a type of partnership where the owners have limited liability with regard to the business. This means that the owners are not personally liable for the malpractice of other owners. This is different from a general partnership, where all partners have unlimited liability for the company's debts and obligations. Limited partnerships (A) have one or more general partners who have unlimited liability and limited partners who have limited liability. S-corporations (B) are corporations that avoid double taxation by passing their income, deductions, and credits through to their shareholders. Partnerships (C) have no protection against personal liability for business debts or malpractice.

In A(n) ________, Owners Have Limited Liability with Regard to the Business